Financial Power of Attorney

A Financial Power of Attorney is a legal document that allows an individual (the principal) to appoint another person (the agent) to manage their financial affairs on their behalf. The document can be durable, meaning that it remains in effect even if the principal becomes incapacitated, or non-durable, meaning that it terminates upon the principal’s incapacity. The agent’s authority can be broad or limited, depending on the principal’s wishes, and can include tasks such as paying bills, managing investments, and filing tax returns. The Financial Power of Attorney is an important tool for ensuring that an individual’s financial affairs are managed according to their wishes, even if they are unable to do so themselves.